Maxell Company uses the FIFO method to assign costs to inventory and cost of goods

| March 31, 2017

Question
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information:
Date Description # of units Cost per unit
January 1 Beginning inventory 150 $5
June 2 Purchase 85 $4
November 5 Sales 165

What amounts would be reported as the cost of goods sold and ending inventory balances for the year?

Cost of goods sold $825; Ending inventory $145

Cost of goods sold $885; Ending inventory $315

Cost of goods sold $740; Ending inventory $350

Cost of goods sold $810; Ending inventory $280

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